Corn Breaks Lower on Tuesday
Corn futures were down 1 ¼ to 5 cents across the board on Tuesday, as trade tensions played a larger role on the day. The national average Cash Corn price from cmdtyView was down 5 1/2 cents at $3.96 1/4 per bu. EIA data will be released on Wednesday morning, with the trade looking the strong ethanol production number to continue.
In a Truth Social post from Monday evening, President-elect Trump stated he would be signing an executive order to charge Mexico and Canada a 25% tariff on all products. This is in response to the open border according to the post. The market reaction overnight was muted but is weaker through midday.
Separate South Korean importers purchased 133,000 MT and 65,000 MT of international corn on Tuesday morning. ANEC’s latest estimate for corn exports out of Brazil in November is at 5.1 MMT, a 470,000 MT reduction from their prior number.
Dec 24 Corn closed at $4.20, down 4 3/4 cents,
Nearby Cash was $3.96 1/4, down 5 1/2 cents,
Mar 25 Corn closed at $4.28, down 5 cents,
May 25 Corn closed at $4.35 1/4, down 4 1/2 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.